What Is the DAX Stock Index?
The DAX — also known as the Deutscher Aktien Index — is a major German stock market index that tracks 30 of the largest and most liquid publicly traded companies on the Frankfurt Stock Exchange. DAX prices are derived from Xetra, an electronic trading system. The index uses a free-float methodology to determine weightings, combined with average trading volume.
Established in the late 1980s with a base value of 1,000, the DAX now represents roughly 75% of the total market capitalization on the Frankfurt Exchange.
Main Summary
- The DAX is Germany’s blue-chip index, monitoring the performance of 30 top companies listed on the Frankfurt Stock Exchange.
- It uses pricing from Xetra, an advanced electronic trading platform.
- The index serves as a key benchmark for German and European markets, weighing companies by market cap and liquidity.
- Notable members include BMW, Adidas, Volkswagen, and Bayer.
Understanding the DAX Stock Index
The DAX is widely regarded by analysts and economists as a key indicator of Germany’s economic strength. The companies it tracks play a significant role both domestically and globally. Their performance contributes to what is known as the “German economic miracle” (Wirtschaftswunder) — Germany’s rapid recovery after World War II.
The index spans multiple sectors. For example, Bayer AG operates in pharmaceuticals and healthcare. Allianz SE is a global financial services firm focused on insurance and asset management. Adidas AG is a global leader in sportswear and athletic equipment.
Additional Considerations
Unlike many other indices, the DAX is frequently updated with futures prices, even after the Frankfurt Exchange has closed. While adjustments are made on scheduled review dates, a company may be removed from the index if it falls out of the top 45 by market cap — or added if it ranks in the top 25.
Nearly all DAX-listed companies now trade electronically through Xetra, which processes over 95% of DAX trading volume.
The DAX is often compared to the Dow Jones Industrial Average (DJIA) in the U.S., as both track major, publicly listed companies.
Current DAX Members
Here is a complete list of companies currently included in the DAX:
- Covestro AG (1COV:GR)
- Adidas AG (ADS:GR)
- Allianz SE (ALV:GR)
- BASF SE (BAS:GR)
- Bayer AG (BAYN:GR)
- Beiersdorf AG (BEI:GR)
- BMW AG (BMW:GR)
- Continental AG (CON:GR)
- Daimler AG (DAI:GR)
- Deutsche Börse AG (DB1:GR)
- Deutsche Bank AG (DBK:GR)
- Deutsche Post AG (DPW:GR)
- Deutsche Telekom AG (DTE:GR)
- E.ON SE (EOAN:GR)
- Fresenius Medical Care AG & Co. KGaA (FME:GR)
- Fresenius SE & Co. KGaA (FRE:GR)
- HeidelbergCement AG (HEI:GR)
- Henkel AG & Co. KGaA (HEN3:GR)
- Infineon Technologies AG (IFX:GR)
- Deutsche Lufthansa AG (LHA:GR)
- Linde PLC (LIN:GR)
- Merck KGaA (MRK:GR)
- MTU Aero Engines AG (MTX:GR)
- Münchener Rückversicherungs-Gesellschaft (MUV2:GR)
- RWE AG (RWE:GR)
- SAP SE (SAP:GR)
- Siemens AG (SIE:GR)
- Vonovia SE (VNA:GR)
- Volkswagen AG (VOW3:GR)
- Wirecard AG (WDI:GR)
DAX Listing Requirements
Like most major indices, the DAX has specific requirements that companies must meet to be included. These include audited financial reports, minimum capital thresholds, and shareholder distribution standards.
For context, the NYSE requires profitability, at least 400 shareholders with 100+ shares each, a minimum price per share, and a total float of 1.1 million publicly traded shares.
To qualify for the DAX, a company must:
- Be headquartered in Germany
- Be listed in the Prime Standard (a regulatory tier with higher reporting standards)
- Maintain a minimum free float of 10%
- Meet trading volume and market cap benchmarks consistently
These requirements are reviewed quarterly to maintain the DAX’s integrity and relevance.
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